ProSiebenSat.1 generated group revenues of €921 million in Q3

In the third quarter of 2022, ProSiebenSat.1 Group generated group revenues of €921 million in what the company described as “a very challenging market environment.”  Last year, the company generated revenues of €1.055 million, which means these 2022 results represent a decline of 13%.

Organically, adjusted for currency effects and excluding the revenue contributions of portfolio companies recently disposed, such as the US production business of Red Arrow Studios as of July 1, 2022, group revenues amounted to €920 million, down 9% or €86 million on the previous year’s figure. The total deconsolidation effects amounted to €78 million in the third quarter.

In addition, according to the company, revenues were significantly influenced by the macroeconomic environment in the region of Germany, Austria and Switzerland, which is characterized by persistently high inflation and increasing consumer restraint. This particularly affected the advertising market.

During the period, on September, ProSiebenSat.1 fully acquired the streaming platform Joyn and transferred it to the Entertainment segment as a wholly owned subsidiary. The group is now expanding Joyn into the first port of call in its digital ecosystem. ProSiebenSat.1 is also placing a stronger focus on interaction with and between users – for example with the social entertainment app JoynMe, which is based on ParshipMeet Group’s vPaaS technology.

The market environment has become increasingly difficult over the course of the year due to inflation, the energy price crisis and consumer restraint. It is especially in these times that we are systematically pursuing our transformation. We are investing in the digital future of our group,"  commented Ralf Peter Gierig, Member of the Executive Board and Group CFO of ProSiebenSat.1 Media SE.

"As an early-cyclical company, we are thus very well positioned to benefit directly from an economic recovery, especially in the advertising market. That is precisely why the full takeover of the streaming platform Joyn was the right step. It plays a central role in our digital Entertainment strategy. Our aim is to develop Joyn into the largest freely accessible streaming platform for premium video content in the German-speaking region, to further expand our digital ecosystem and thus to create additional monetization opportunities. We are convinced that this strategy is taking us in the right direction,”  Gierig added